Photo: Alaskan Dude via Flickr
Tyler Cowen of Marginal Revolution compares high-interest payday loans to unprotected sex:The unprotected sex is riskier and less prudent than borrowing money at an annualized rate of two hundred per cent. Why prohibit one and not the other? Many of the borrowers are being fooled, but others have legitimate reasons to seek the money, such as wanting to buy a birthday present for a visit to one’s child, living with a separated spouse.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.